SPAR Group Inc (SGRP) 2024 Q2 法說會逐字稿

Good morning, and welcome to the SPAR Group second-quarter 2024 financial results conference call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加 SPAR 集團 2024 年第二季財務業績電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Sandy Martin of Three Part Advisors. Please go ahead.

現在，我想將會議交給 Three Part Advisors 的 Sandy Martin。請繼續。

Thank you, operator, and good morning, everyone. We appreciate you joining us for the SPAR Group, Inc., conference call to review the second-quarter 2024 results. Joining me on the call today are SPAR's Chief Executive Officer, Mike Matacunas; and the company's Chief Financial Officer, Antonio Calisto Pato. This call is also being webcast and can be accessed through the audio link on the Events and Presentations page of the Investor Relations section at investors.sparinc.com. The information recorded on this call speaks only as of today, so please be advised that any time-sensitive information may no longer be accurate as of the date of any replay or transcript reading.

謝謝接線員，大家早安。感謝您參加 SPAR Group, Inc. 電話會議，回顧 2024 年第二季的業績。今天與我一起參加電話會議的還有 SPAR 的執行長 Mike Matacunas；以及公司財務長 Antonio Calisto Pato。本次電話會議也將進行網路直播，您可以透過 investor.sparinc.com 上投資者關係部分的活動和演示頁面上的音訊連結存取。本次通話中記錄的資訊僅截至今天有效，因此請注意，任何時間敏感資訊在重播或記錄閱讀之日起可能不再準確。

I would also like to remind you that the statements made in today's discussion that are not historical facts, including statements, expectations, future events or future financial performance are forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, by their nature, are uncertain and outside of the company's control. Actual results may differ materially from those expressed or implied. Please refer to today's earnings press release for our disclosures on forward-looking statements. These factors and other risks and uncertainties are described in detail in the company's filings with the Securities and Exchange Commission.

我還想提醒您，今天討論中所做的非歷史事實的陳述，包括聲明、預期、未來事件或未來財務表現均為根據《1995 年私人證券訴訟改革法》的安全港條款做出的前瞻性陳述。前瞻性陳述本質上具有不確定性，且不受公司控制。實際結果可能與明示或暗示的結果有重大差異。請參閱今天的收益新聞稿，以了解我們對前瞻性陳述的揭露。這些因素和其他風險和不確定性在公司提交給美國證券交易委員會的文件中詳細描述。

Management may also refer to non-GAAP financial measures, and reconciliations to the nearest GAAP measures can be found at the end of our earnings release. SPAR Group assumes no obligation to update or revise any forward-looking statements publicly. Finally, the earnings press release we issued earlier today is posted on the Investor Relations section of our website at sparinc.com. A release copy was also included in the 8-K submitted to the SEC.

管理階層也可能參考非 GAAP 財務指標，而與最近的 GAAP 指標的對帳可以在我們的收益報告末尾找到。SPAR 集團不承擔公開更新或修改任何前瞻性聲明的義務。最後，我們今天稍早發布的收益新聞稿已發佈在我們網站 sparinc.com 的投資者關係部分。提交給美國證券交易委員會的 8-K 文件中也包含一份發布副本。

Now I would like to turn the call over to the company's CEO, Mike Matacunas.

現在我想將電話轉給公司執行長麥克·馬塔庫納斯。

Thank you, Sandy, and good morning. I am pleased to share our second-quarter results and continued progress. We will not be opening the line for questions today in light of our announced go private transaction that is in process. We announced on June 5 that we signed a letter of intent with Highwire Capital to take SPAR Group private. This process is ongoing, and we will make additional announcements as we complete the appropriate steps.

謝謝你，桑迪，早安。我很高興分享我們第二季的業績和持續的進展。鑑於我們已宣布的私有化交易正在進行中，我們今天將不會開通熱線接受提問。我們在6月5日宣布與Highwire Capital簽署了意向書，將SPAR集團私有化。該過程正在進行中，我們將在完成適當步驟後發布進一步公告。

For the second quarter, our consolidated revenue was $57 million as we exited several global joint ventures in the quarter, and the performance of these businesses was within with last year's numbers. To be specific, note that South Africa, China, Australia, and National Merchandising Services revenue was not in our 2024 second quarter numbers. Brazil was in two of the three months in the quarter. We realize this makes comparing our performance difficult as we complete the simplification of our business.

第二季度，我們的綜合收入為 5700 萬美元，因為我們在本季度退出了幾家全球合資企業，這些業務的表現與去年同期持平。具體來說，請注意南非、中國、澳洲和國家商品服務的收入不在我們 2024 年第二季的數據中。本季三個月中有兩個月是巴西。我們意識到，當我們完成業務簡化時，這使得比較我們的業績變得困難。

Perhaps the best way to think about our second quarter is to look within our Americas segment that made up 94% of the company's total quarter revenue. Let's look at the United States and Canada specifically. These are our core businesses, and they had a strong performance. The United States revenue was up 37% over last year. You may recall that our remodel business had slowed in the second quarter last year while clients pulled back on capital projects.

也許思考我們第二季度最好的方式是看看美洲分部，該分部占公司本季總收入的 94%。我們具體地看看美國和加拿大。這些都是我們的核心業務，而且表現強勁。美國的營收比去年成長了37%。您可能還記得，去年第二季度，由於客戶減少了資本項目，我們的改造業務有所放緩。

As I noted in last quarter's call, the remodel business recovered faster than we expected and grew by 88% over last year in the second quarter. We've added new clients and expanded our key client relationships. The merchandising work also grew in the second quarter. We resigned a $5 million annual agreement with a long-tenured client, and expanded our work in another small box discount retailer with more than 10,000 stores. At the same time, we negotiated a new four-year $25 million-plus agreement with a leading brand that expands our current business and covers both the United States and Canada.

正如我在上個季度的電話會議中指出的那樣，改造業務的復甦速度快於我們的預期，第二季比去年同期成長了 88%。我們增加了新客戶並擴大了與主要客戶的關係。第二季的商品銷售工作也有所成長。我們與一位長期客戶續簽了一份每年 500 萬美元的協議，並將業務擴展到另一家擁有 10,000 多家門市的小型折扣零售商。同時，我們與一家領先品牌達成了一項為期四年、價值 2500 多萬美元的新協議，該協議將擴大我們目前的業務，覆蓋美國和加拿大。

Behind both of these growth stories is our assembly and distribution services business that grew by 17.5% in the second quarter. We expanded our services and distribution centers, and initiated new work in bike assembly for a large retailer. Consolidated gross margin for the quarter was 19.2%. This is a 100-basis-point improvement over the first quarter, reflects the strong growth in remodel and transformation work. The remodel and transformation margins are lower than merchandising, so when this grows disproportionately, the consolidated margin is lower.

這兩個成長故事的背後是我們第二季成長了17.5％的組裝和配送服務業務。我們擴展了我們的服務和配送中心，並為一家大型零售商開展了自行車組裝的新工作。本季綜合毛利率為19.2%。這比第一季提高了 100 個基點，反映了改造和轉型工作的強勁成長。改造和轉型的利潤率低於商品銷售，因此當其成長不成比例時，綜合利潤率就會較低。

SG&A for the second quarter was $9.5 million, down $1.1 million from $10.6 million last year, but up 60 basis points as a percent of revenue. As you might expect, as we divest from these international joint ventures, the cost of exiting has a tail on it. In addition, we are spending money to support our strategic initiative. In general, we believe the dollars are trending the right way, and we are managing SG&A carefully.

第二季銷售、一般及行政開支為 950 萬美元，較去年的 1,060 萬美元下降 110 萬美元，但佔營收的百分比上升了 60 個基點。正如你所料，當我們從這些國際合資企業撤資時，退出成本會產生尾部影響。此外，我們也正在投入資金來支持我們的策略性舉措。整體而言，我們相信美元走勢正確，我們正在謹慎管理銷售、一般及行政開支。

As a result of the one-time capital gain, consolidated EBITDA for the quarter was $6.4 million, up approximately $4 million from last year. The resulting net income attributable to SPAR for the quarter was $3.6 million or $0.15 per share. We have more work to complete simplification of our business. We are announcing our exit of our business in Japan today. This transaction has been completed, and we'll close without condition later this month.

由於一次性資本收益，本季綜合 EBITDA 為 640 萬美元，比去年同期增加約 400 萬美元。本季SPAR的淨收入為360萬美元，即每股0.15美元。我們還有更多工作要做來完成業務的簡化。我們今天宣布退出日本業務。此次交易已經完成，我們將於本月晚些時候無條件完成。

We continue to operate in the US, Canada, Mexico and India. The core of our business is the US and Canada, with significant growth potential. We have dialed in our ability to recruit, the pipeline is strong, cash is excellent, and we are energized by the market's reaction to our strategy.

我們繼續在美國、加拿大、墨西哥和印度開展業務。我們的業務核心是美國和加拿大，具有巨大的成長潛力。我們已經掌握了招募人才的能力，人才管道強大，現金充足，市場對我們策略的反應也激勵著我們。

After Antonio covers more detailed financial results, I will share additional thoughts and insights about the business. Antonio?

在安東尼奧介紹更詳細的財務結果之後，我將分享更多有關業務的想法和見解。安東尼奧？

Thank you, Mike, and good morning, everyone. In the second quarter, net revenues totaled $57.3 million, reflecting a decline from the prior year due to our strategic exits of our South Africa, China, Australia, and NMS joint ventures. These exits resulted in zero revenues from these entities in the current quarter compared to last year. However, Q2 net revenues were primarily driven by the Americas segment, which generated $54 million, marking a 3.8% increase compared to the prior year. During the second quarter, we completed the acquisition of the remaining 49% of Resource Plus, now owning 100% of all US businesses.

謝謝你，麥克，大家早安。第二季度，淨收入總計 5,730 萬美元，由於我們策略性退出南非、中國、澳洲和 NMS 合資企業，淨收入較上年同期下降。與去年同期相比，這些退出導致這些實體本季的收入為零。不過，第二季淨收入主要來自美洲地區，該地區淨收入為 5,400 萬美元，較上年增長 3.8%。第二季度，我們完成了對 Resource Plus 剩餘 49% 股份的收購，目前擁有其所有美國業務的 100% 股份。

Our joint venture in Brazil was sold in the second quarter, and as a result, we reported partial quarter of revenues in Q2 2024 compared to last year. As Mike mentioned, our ongoing US-based revenues increased by 37% and our Canadian business saw a 14% increase. This growth is primarily due to our remodel business and continuation of a significant recovery in store remodels that started in 2023.

我們在第二季度出售了位於巴西的合資企業，因此，與去年相比，我們報告了 2024 年第二季的部分季度收入。正如 Mike 所提到的，我們在美國的業務持續收入成長了 37%，加拿大業務成長了 14%。這一成長主要歸功於我們的改造業務以及自 2023 年開始的店面改造業務的持續大幅復甦。

Our gross profit for the second quarter was $11 million or 19.2% of revenues compared to $13.1 million or 19.9% of revenue in the prior year quarter. The margin compression was primarily due to a shift towards the remodeling business, which inherently has higher labor and travel costs. Selling, general, and administrative expenses were $9.5 million or 16.7% of revenues in the second quarter compared to $10.6 million or 16.1% of revenues in the prior year. SG&A costs including nonrecurring strategic alternative costs of $335,000 during Q2 2024.

我們第二季的毛利為 1,100 萬美元，佔營收的 19.2%，而去年同期的毛利為 1,310 萬美元，佔營收的 19.9%。利潤率壓縮主要是由於轉向改造業務，而該業務本質上具有更高的勞動力和差旅成本。第二季銷售、一般及行政開支為 950 萬美元，佔營收的 16.7%，去年同期為 1,060 萬美元，佔營收的 16.1%。2024 年第二季的銷售、一般及行政費用包括 335,000 美元的非經常性策略替代成本。

The second quarter also included a $4.9 million net gain on the sale of the Brazil joint venture, which was partially offset by a loss on the China joint venture. Operating income for the quarter was $5.9 million, a significant increase from $2 million in the prior year period. Net income attributable to SPAR Group, Inc., for Q2 was at $3.6 million or $0.15 per diluted share compared to a net income of $639,000 or $0.03 per share in the year-ago quarter.

第二季還包括出售巴西合資企業的 490 萬美元淨收益，但部分被中國合資企業的損失所抵銷。本季營業收入為 590 萬美元，較去年同期的 200 萬美元大幅成長。第二季歸屬於 SPAR Group, Inc. 的淨收入為 360 萬美元，即每股攤薄收益 0.15 美元，而去年同期的淨收入為 63.9 萬美元，即每股 0.03 美元。

Adjusted net income attributable to SPAR Group, Inc., was $99,000 or $0.00 per diluted share compared to $696,000 or $0.03 per share in the year ago quarter. Consolidated EBITDA for the second quarter of 2024 was $6.4 million compared to $2.5 million in the prior year quarter. This includes gains of $4.9 million on the sale of joint ventures. Consolidated adjusted EBITDA was $1.9 million compared to $2.6 million in the prior year. Q2 adjusted EBITDA attributable to SPAR Group, Inc., was $1.4 million compared to $1.6 million in the prior-year quarter.

歸屬於 SPAR Group, Inc. 的調整後淨收入為 99,000 美元或每股攤薄收益 0.00 美元，而去年同期為 696,000 美元或每股 0.03 美元。2024 年第二季的綜合 EBITDA 為 640 萬美元，而去年同期為 250 萬美元。其中包括出售合資企業的490萬美元收益。合併調整後 EBITDA 為 190 萬美元，而前一年為 260 萬美元。第二季歸屬於 SPAR Group, Inc. 的調整後 EBITDA 為 140 萬美元，去年同期為 160 萬美元。

Now turning to the year-to-date results. Net revenues for the first half of 2024 were $126 million, with the Americas segment contributing $108.7 million. This represents a decrease from $130 million in the prior year, primarily due to our strategic exit from Australia, the US NMS joint venture as of the end of 2023, and from South Africa, Brazil, and China during the first half of 2024.

現在來看看年初至今的結果。2024 年上半年淨收入為 1.26 億美元，其中美洲分部貢獻 1.087 億美元。這比前一年的 1.3 億美元有所下降，主要原因是我們於 2023 年底策略性地退出澳洲和美國 NMS 合資企業，並於 2024 年上半年策略性地退出南非、巴西和中國。

First half net income attributable to SPAR Group, Inc., was $10.3 million or $0.43 per diluted share, a significant improvement compared to $1.5 million or $0.06 per diluted share in the prior year. Adjusted net income attributable to SPAR Group, Inc., for the 2024 first half was $1.4 million or $0.06 per diluted share compared to $1.3 million or $0.05 per diluted share in the prior year. Consolidated adjusted EBITDA for the first half of 2024 was $5.3 million compared to $6.7 million in the prior year.

上半年歸屬於SPAR Group, Inc.的淨利潤為1030萬美元，即每股攤薄收益0.43美元，較上年的150萬美元或每股攤薄收益0.06美元有較大提升。2024 年上半年歸屬於 SPAR Group, Inc. 的調整後淨收入為 140 萬美元或每股攤薄收益 0.06 美元，而去年同期為 130 萬美元或每股攤薄收益 0.05 美元。2024 年上半年綜合調整後 EBITDA 為 530 萬美元，去年同期為 670 萬美元。

Turning to the company's financial position as of June 30, 2024. Our balance sheet remains strong with total worldwide liquidity at quarter end of $33.5 million. This includes $21.7 million in cash, cash equivalents, and restricted cash, and $11.8 million of unused availability. Cash from operating activities was $170,000 in the first six months of the year, and the net increase in cash was $11 million. As of June 30, the company's net working capital stood at $24.8 million, and the accounts receivable balance was $38 million.

談到截至2024年6月30日的公司財務狀況。我們的資產負債表依然強勁，季末全球總流動資金為 3,350 萬美元。其中包括 2,170 萬美元的現金、現金等價物和受限現金，以及 1,180 萬美元的未使用可用資金。上半年營運活動現金流17萬美元，現金淨增加額1,100萬美元。截至 6 月 30 日，該公司的淨營運資本為 2,480 萬美元，應收帳款餘額為 3,800 萬美元。

With that, I would like to turn it back to Mike.

說完這些，我想把話題轉回給麥克。

Thank you, Antonio. Recently, in the midst of the strategic initiative by an interested party, I was asked why I joined SPAR. What makes SPAR different than the competition? What are the secret ingredients? What is the potential? And perhaps, most importantly, why is this a good investment?

謝謝你，安東尼奧。最近，在一個有意者的策略舉措中，有人問我加入SPAR的原因。SPAR 與競爭對手有何不同？秘密成分是什麼？潛力有多大？或許，最重要的是，為什麼這是一項好的投資？

And the first part of my answer is that SPAR serves a growing need in the market. As labor for retailers becomes tighter, consumer expectations rise, room for operational error smaller, retailers need flexibility and they need it more than before. 20 years ago, you could operate a small retail store with 175 to 215 hours of weekly payroll. It means a store manager, an assistant store manager, one to two cashiers, and a series of part-time staff.

我的回答的第一部分是，SPAR 滿足了市場日益增長的需求。隨著零售商的勞動力變得越來越緊張，消費者的期望越來越高，操作失誤的空間越來越小，零​​售商需要彈性，而且比以前更需要彈性。 20年前，你每週只需工作 175 到 215 小時就可以經營小型零售店。就是一個店長，一個副店長，一到兩個收銀員，以及一系列的兼職人員。

Today, the cost of this staff is higher, recruiting is more difficult, retention nearly unheard of and more remote locations than ever. If you want to operate a great retail box, you need flexibility. One of the basic forms of this flexibility is third-party labor. And you as a retailer, leverage the vendors and brands to provide labor to stock the shelves, maintain presentations and change price tags, et cetera.

如今，這些員工的成本更高，招募更加困難，留住他們幾乎是聞所未聞，而且工作地點也比以前更加偏遠。如果您想經營一個優秀的零售店，您需要靈活性。這種靈活性的基本形式之一是第三方勞動力。而作為零售商，您可以利用供應商和品牌來提供勞動力來補充貨架庫存、維護展示和更改價格標籤等等。

Successful retailers today, such as Target, Walmart, Dollar General, Family Dollar, Myers, and so many more, they understand this. They're expanding the labor ecosystem to support their business and differentiate themselves, and this is an area of distinction for SPAR.

如今，Target、Walmart、Dollar General、Family Dollar、Myers等許多成功的零售商都了解這一點。他們正在擴大勞動力生態系統以支持他們的業務並使自己與眾不同，這是 SPAR 的一個特色領域。

SPAR offers the unique combination of scale and flexibility. The competition only goes for scale, but the future requires both. To put a finer point on it, the competition locks you into the scale approach by representing the brand. In other words, retailers have to do it their way, as opposed to the best way for the retailer's consumer. Now I'm a 30-plus year retailer, that's not a sustainable way to do business in this sector.

SPAR 提供了規模和靈活性的獨特組合。競爭只追求規模，但未來需要兩者兼具。更確切地說，競爭對手透過代表品牌將你鎖定在規模方法中。換句話說，零售商必須按照自己的方式行事，而不是按照對零售商消費者最有利的方式行事。現在我已經是一個有 30 多年經驗的零售商了，這不是一個在該行業可持續的經營方式。

If you want to win, you enable the retailer to optimize the consumer experience in whatever way makes them win. If Five Below needs to turn the greeting cards to make sure Mother's Day is set and nothing else, done. If Dollar General wants to introduce an exciting new category of product and then maintain it for six months, done. If the bleach aisle needs new pricing, checkout area replenishing, gift cards audited, done. Flexibility, only SPAR offers this approach in the market, and the need for this flexibility on a greater scale is growing every year.

如果想要獲勝，你必須讓零售商以任何能讓他們獲勝的方式優化消費者體驗。如果 Five Below 需要翻轉賀卡以確保母親節已設定好而沒有其他內容，那就完成了。如果 Dollar General 想要推出一個令人興奮的新產品類別，並維持六個月，那就完成了。如果漂白劑貨架需要新的定價、結帳區域需要補貨、禮品卡需要審核，那就完成了。靈活性，只有SPAR在市場上提供這種方法，並且對這種更大規模靈活性的需求每年都在增長。

The second part of the answer I give is that we needed to go on a diet and get to a lean-focused machine. For those who have followed me in my career, you know I like transformation, boldness, and delivering results. When I arrived at SPAR, we were in nine countries plus two defunct others. We had domestic and international joint ventures. We were distracted by global economic issues, repatriating cash, transfer pricing, and management calls from 6 in the morning until 10 at night to cover the time zone.

我給的答案的第二部分是，我們需要節食並使用專注於精實的機器。對於那些關注我職業生涯的人來說，你們知道我喜歡改變、大膽和成就。當我到達 SPAR 時，我們的業務範圍已遍布 9 個國家和另外 2 個已不存在的國家。我們有國內和國際合資企業。為了涵蓋時區，我們從早上 6 點到晚上 10 點一直忙於全球經濟問題、現金匯回、轉移定價和管理電話。

And fundamentally, our shareholders were not getting value from this. The decades-built strategy did not produce results for our shareholders. We needed to trim the fat and work our core. Core strength and stability is the basis for our growth. And SPAR's core was merchandising and retail transformation in the United States and Canada. This is where we can create long-term sustainable value for our shareholders.

從根本上來說，我們的股東並沒有從中獲得價值。數十年來制定的策略並未為我們的股東帶來成果。我們需要減少脂肪，鍛鍊核心肌肉。核心的力量和穩定性是我們成長的基礎。而SPAR的核心是美國和加拿大的商品銷售和零售轉型。在這裡我們可以為股東創造長期可持續的價值。

Accomplishing this transformation has been a monumental task. Negotiating exits in far- reaching countries while strengthening our core, all the while focusing on shareholder value creation has taken time, but the initial results are compelling.

完成這項轉變是一項艱鉅的任務。在加強核心業務的同時，與影響深遠的國家進行退出談判，同時始終專注於為股東創造價值，這需要時間，但初步成果令人信服。

And the third reason I give to why SPAR, is our secret ingredient, our people. I've met and considered the CEOs my competition, serious executives. These are proven professionals with a history of success. But they don't have what I have, the SPAR team.

我選擇 SPAR 的第三個原因是我們的秘密武器——我們的員工。我看過一些 CEO，他們都是我很重視的主管，也是我的競爭對手。這些都是具有成功經驗的專業人士。但他們沒有我所擁有的 SPAR 團隊。

Kori Belzer, our Chief Operating Officer, is widely known as a thought leader and proven executive. William Linnane, our Chief Strategy and Growth Officer, has decades of proven results. Antonio Calisto Pato, our Chief Financial Officer, is a master in tax, law degree, and MBA just to keep his mind sharp. And behind this group are hundreds of others just like them.

我們的營運長 Kori Belzer 被廣泛認為是一位思想領袖和經驗豐富的高階主管。我們的首席策略和成長長 William Linnane 擁有數十年的成功經驗。我們的財務長 Antonio Calisto Pato 擁有稅務碩士、法學學位和 MBA 學位，這讓他的頭腦保持敏銳。而在這個群體的背後，還有數百名和他們一樣的人。

Deep in the DNA of SPAR is a client-centric, collaborative, innovative, and inspirational spirit. One of the greatest parts of my job is to spend time with our team members and share in their delight as they solve complex problems with really creative ideas. So while others stare inwards and into the rear-view mirror, the SPAR team looks out the windshield, predicting the bend in the road, read the signs and understand the changing landscape.

SPAR 的 DNA 深處蘊含著以客戶為中心、協作、創新和鼓舞人心的精神。我工作中最棒的部分之一就是花時間與我們的團隊成員相處，分享他們用真正有創意的想法來解決複雜問題的喜悅。因此，當其他人注視著車內和後視鏡時，SPAR 團隊卻透過擋風玻璃，預測道路的彎道、閱讀路標並了解不斷變化的景觀。

And I know that other CEOs have talked about their teams with reverence and appreciation, but this SPAR Group is different. I've worked at the top of the Fortune 150, built successful businesses, bought companies and had the privilege of working with some amazing people, but this is the only place where you can find this many of them. This is a group of talented, passionate, and dedicated people who care instead about their work and client success, and this is a special ingredient.

我知道其他執行長也都滿懷崇敬和讚賞地談論他們的團隊，但是SPAR集團卻不同。我曾在財富 150 強企業的高層工作過，創建過成功的企業，收購過公司，也有幸與一些出色的人一起工作，但只有在這裡你才能找到這麼多的人。這是一群才華洋溢、充滿熱情、敬業的人，他們關心的是自己的工作和客戶的成功，這是一個特殊的因素。

I would underscore these three points: growing demand, a focused machine and amazing people. I also want to thank our Board comprised of proven senior executives. We've accomplished more in the last 12 months with this Board than the company has in the last 10 years. I appreciate their guidance, partnership, and support for driving value and delivering results for the shareholders. While we have much more to do and exciting times ahead, our mantra for 2024 is go for bold. This is a great time to be SPAR.

我要強調以下三點：不斷成長的需求、專注的機器、優秀的人才。我還要感謝由經驗豐富的高階主管組成的董事會。我們與董事會在過去 12 個月內所取得的成就比公司過去 10 年所取得的成就還要大。我感謝他們的指導、合作和支持，為股東創造價值並帶來成果。雖然我們還有許多事情要做，未來也充滿激動人心的時刻，但我們 2024 年的口號是「大膽前進」。現在是成為 SPAR 的好時機。

Thank you for your interest in SPAR and participating in our earnings conference call today, and have a great day.

感謝您對 SPAR 的關注並參加我們今天的收益電話會議，祝您有愉快的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。